Latest News:- Automotive Drivetrain Market: Forward wheel drive is expected to lead the Application segment during 2024-2028

Automotive Drivetrain Market to grow at a CAGR of 6.75% during 2024-2028

The Automotive Drivetrain Market is expected to grow at a CAGR of 6.75% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 75.5 billion. The automotive drivetrain market is poised for growth, driven by the increasing demand for high-performance luxury vehicles. Customer preferences are evolving towards premium, comfortable vehicles with advanced onboard features. The luxury SUV segment, in particular, has experienced consistent growth over the past four years, with its off-road capabilities and excellent traction control continuing to attract consumers. This trend is expected to persist during the forecast period. Moreover, emerging markets such as China and India, with their stable economic conditions and rising disposable incomes, present significant opportunities for luxury vehicle sales. The off-road nature of these vehicles necessitates robust drivetrain systems to withstand severe road impacts. 

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The Forward wheel drive subsegment is expected to dominate the Application segment during the forecast period 

Technavio analysts predict that the Forward wheel drive subsegment will lead the Application segment during 2024 and 2028 The automotive drivetrain market represents a significant segment within the global automotive industry. Key players in this market focus on developing advanced drivetrain systems to enhance fuel efficiency, reduce emissions, and improve vehicle performance. Innovations in electric and hybrid drivetrains, as well as the increasing popularity of SUVs and pickup trucks, are driving market growth. Companies are investing in research and development to bring next-generation drivetrain technologies to market.

Here are the various ways based on which the market is segmented: 

• Application
  • Forward wheel drive
  • Rear wheel drive
  • All wheel drive
• Vehicle Type
  • Passenger car
  • Commercial vehicle
• Geography
  • APAC
  • Europe
  • North America
  • South America
  • Middle East and Africa

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• Wealth of Experience: Technavio is an established name in the world of market research. It holds an expertise of more than 20 years in the field, has published 21,000+ reports thereby extensively covering the area in various industries and range of regions
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There are several factors that are causing the market to flourish increase in demand for commercial vehicles

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The Automotive Drivetrain Market encompasses various components that transfer power from the engine to the wheels, enabling vehicle motion. Key elements include U Joints, CV Joints, Axles, Drive Shafts, and Drivetrain Systems. The market caters to various vehicle types, including automobiles and heavy commercial vehicles. Towing capacity and traction are crucial factors driving market growth. Internal Combustion Engines (ICE) and their combustion control systems form the primary power source. ICEs generate torque and power, which are transmitted via the drivetrain to the wheels. Rear-wheel drive vehicles and heavy commercial vehicles often require higher towing capacities, making robust drivetrain systems essential. Hybrid vehicles and electric vehicles (EVs) are increasingly popular, leading to the development of advanced drivetrain technologies. Automated transmissions, synchronous motors, and electric drive systems are becoming more common in these vehicles. The market continues to evolve with advancements in technology, including the integration of ICEs and electric motors in hybrid vehicles and the complete electrification of EVs. Overall, the automotive drivetrain market is driven by the growing demand for vehicles with improved power, torque, and towing capacity, as well as the shift towards electric and hybrid vehicles.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by manufacturers of automotive components and equipment. Key growth drivers in the automotive parts and equipment industry include the rising demand for electronic components in automobiles, such as electronic control units (ECUs) and other electrical components, fueled by the increasing sales of EVs, motorcycles, and PCs over the past decade.

The Automotive Drivetrain Market is experiencing significant growth, fueled by the increase in demand for commercial vehicles. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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